Published 5 June 2012 Crown Asset Management Ltd has acquired South Canterbury Finance Ltd’s remaining non-cash assets from the company’s receivers. They include the portfolio of remaining loans in the “bad bank” loan book, sundry equity investments and the remaining property investments. Crown Asset Management is the company the Government set up to manage the […]
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South Canterbury Finance charges include some relating to Crown guarantee, FMA also looking at civil recovery
Published 8 December 2011 The Serious Fraud Office has laid 21 charges against 5 individuals following its 14-month investigation into South Canterbury Finance Ltd. Financial Markets Authority chief executive Sean Hughes said yesterday the authority was also examining avenues to take civil proceedings to recover some of the money paid out to South Canterbury Finance […]
Read more →Background on South Canterbury’s admission to guarantee scheme
Published 28 October 2011 South Canterbury Finance was admitted to the Crown retail deposit guarantee scheme on 19 November 2008 and numerous comments have been made about the sense of allowing that to happen. To give some perspective, I’ve gone back to a ministerial statement Finance Minister Bill English made to Parliament on 8 September […]
Read more →South Canterbury Finance receivers pay Government $395 million
Published 28 October 2011 South Canterbury Finance Ltd’s receivers have repaid the Government $395 million this year, against $1.58 billion paid by the Government under its retail deposit guarantee scheme. The money handed over by the Government last year went immediately to investors in South Canterbury debt securities, who were paid in full. With some […]
Read more →Hubbard statutory managers unclear who owns $60 million of Aorangi assets
Published 4 July 2011 The statutory managers of Hubbard company Aorangi Securities Ltd said on Friday uncertainty around ownership of $60 million of assets made the timing of returns to investors unclear. In their seventh report to investors in Aorangi and Hubbard Management Funds, statutory managers Richard Simpson, Trevor Thornton & Carson McGlinn (Grant Thornton […]
Read more →Hubbard funds’ assets well short of investor statements, Aorangi report also out this week
Published 9 March 2011 The statutory managers of Hubbard Management Funds have told investors in their sixth report, out yesterday, they’re minding $31 million less in assets than the total on investors’ statements a year ago. For that reason, they said, they can’t distribute either the full amount of cash or the full volume of […]
Read more →2 more Hubbard companies placed in statutory management
Published 22 September 2010 The Government has out 2 more Hubbard companies into statutory management – Hubbard Churcher Trust Management Ltd & Forresters Nominee Co Ltd, which hold assets connected with Hubbard Management Funds. Commerce Minister Simon Power said yesterday the decision to put the companies into statutory management followed a recommendation by the Securities […]
Read more →Receivers enter South Canterbury Finance after it fails to secure backer
Published 1 September 2010 South Canterbury Finance Ltd went into receivership yesterday after failing to raise the $1-300 million of equity that would have kept it going. The Government immediately paid the trustee for South Canterbury & its charging group of subsidiaries, Trustees Executors Ltd, $1.6 billion, which the trustee will disperse to depositors, […]
Read more →Statutory managers confirm shortfall at one Hubbard fund, expect loss at Aorangi
Published 27 August 2010 The statutory managers of Timaru financier Allan Hubbard, his wife & related entities confirmed a shortfall in Hubbard Management Funds today and warned that investors in Aorangi Securities Ltd might suffer a loss. Statutory managers Trevor Thornton & Richard Simpson (Grant Thornton) issued a progress report today and said they’d […]
Read more →South Canterbury ratings downgraded, Maier projects good news in week
Published 23 August 2010 South Canterbury Finance Ltd acknowledged on Friday that Standard & Poor’s had revised the company’s long-term credit rating to CC, maintained the short-term rating at C and the outlook for both the long- & short-term credit rating as negative. Chief executive Sandy Maier said the finance company was making good progress […]
Read more →South Canterbury blames broker’s letter for sharp fall in preference share price
Published 6 August 2010 South Canterbury Finance Ltd has told NZX Regulation a financial advisor’s pessimistic view on its recapitalisation’s chances of success, in a letter to clients, may have brought about the sharp drop in the price of its listed perpetual preference shares. Chief executive Sandy Maier responded to NZX Regulation business leader […]
Read more →Statutory managers freeze investments in another Hubbard entity
Published 14 July 2010 The statutory managers of Timaru financier Allan Hubbard, his wife Jean and some of the entities they control added another investment vehicle to the management list yesterday. Trevor Thornton & Richard Simpson (Grant Thornton) were appointed statutory managers of Aorangi Securities Ltd & 7 trusts on 20 June. Yesterday they […]
Read more →South Canterbury makes 4 senior appointments
Published 9 July 2010 South Canterbury Finance Ltd has made 4 senior management appointments to develop the core lending business, establish monitoring systems and provide expertise to maximise the value of the company’s property & investment assets. Dean Clark, who has extensive international banking experience in New Zealand, Australia & the UK, has been appointed […]
Read more →S&P downgrades South Canterbury, Maier defends
Published 22 June 2010 South Canterbury Finance Ltd chief executive Sandy Maier said today the Government’s appointment of statutory managers for Allan & Margaret Hubbard had created uncertainty for the rating agency Standard & Poor’s, which has revised the company’s long-term rating to B-, the short-term rating to C, and placed both ratings on creditwatch […]
Read more →Hubbards & 8 entities under statutory management, SFO investigating, South Canterbury Finance excluded
Published 20 June 2010 The Government placed Timaru financier Allan Hubbard & his wife Margaret personally into statutory management today, along with one of their companies & 7 trusts. Commerce Minister Simon Power’s decision to appoint Trevor Thornton & Richard Simpson (Grant Thornton) as statutory managers of Aorangi Securities Ltd & the trusts came […]
Read more →Baylis takes over chair at South Canterbury Finance
Published 10 June 2010 South Canterbury Finance Ltd appointed Bill Baylis as independent chairman yesterday, replacing founder Allan Hubbard, who was made president for life on 28 May. The appointment comes in a continuing series of announcements by South Canterbury, which brought banking & restructuring expert Sandy Maier in as chief executive. Mr […]
Read more →South Canterbury Finance announces roadshow
Published 8 June 2010 South Canterbury Finance Ltd is taking to the road in its battle for credibility. Chief executive Sandy Maier & his management team have set up a schedule of public meetings with investors over the next fortnight, starting with 3 meetings in the South Island this week. Mr Maier said […]
Read more →Kerr injects increased debt into South Canterbury instead of equity into Southbury
Published 7 June 2010 A $75 million facility from one George Kerr-led fund to South Canterbury Finance Ltd has been taken over by another of his funds and increased to $100 million. The original facility was with NZ Credit Fund Ltd (George Kerr & Michael Carolan) and the replacement is with Torchlight Security Trustee […]
Read more →Hubbard now president for life, Sullivan exits
Published 31 May 2010 South Canterbury Finance Ltd chairman & controlling shareholder Allan Hubbard has decided to become president for life and step aside as a director. Mr Hubbard said the position had been created to reflect his special role & contribution to the company over several decades. It would enable a greater focus […]
Read more →Torchlight injects more equity into South Canterbury Finance parent
Published 21 May 2010 Torchlight Fund No1 LP confirmed yesterday it would take up an option to increase its investment in Southbury Corp Ltd which will enable Southbury to inject more equity into South Canterbury Finance Ltd. Torchlight – a countercyclical investor – will take its equity in South Canterbury Finance’s sole shareholder to $37.5 […]
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